The current situation on the pair in question is contrary to what is expected on the EUR/USD pair. While the euro is expected to decline within the development of wave y, here the correction looks completed and growth has already begun, which may well be an impulse. The first two waves have been formed and the third wave is probably lengthening.

This indicates that a potentially upward movement could be quite prolonged. Update of the current local maximum may be a good signal for buying.

Recommendations: Buy 1.2285, SL 1.2260, TP 1.2450.